AUSTRALIA'S FINANCES.

Star (Christchurch), Issue 11949, 7 March 1917, Page 1

AUSTRALIA'S FINANCES.

XJ-ID rOlt SivLF-J>JENIAL. 3" Tekcrat.li—Aswi&tios—Copyrigfrf' ; iloceivccl li.:;i'C*h 7, 11.3 ft a.m.) riiKf-iiOUJiXE, March 7. In iho Ho-!-!- of Representatives, thf Prcasuror unexpectedly delivered financial Stnt*mu3C. He said that tm toa.tr.ics or ilio 1916-17-Eb< hnares were. the great increases of re« •enu'.- and liio greater increase of ea&. ►enciiiuiv. liiO estimated revenue for hat j>crio.l was £33,909,290, lesS 21.000,000 estimated revenue from de« ainod enemy vessels. Tho actual rere--IU6 lor 1915-10 was £30,116,€07. The xpeiuiiuire out or revenue not included n the war for 1915-10 was £23,984,368, nd the estimate for .1916-17 xrai A:>'YJ,loo. a startling increase, lea 7« rig the war out of consideration. The 910-17 Lstimatcs showed a revenue of :32,909,290 and an expenditure of 525,(i3U.105. leaving a balance not safcient to meet war expenditure, pay* bie from revenue, which would amount o £903.551, apparently leaving a gtm* lus of £306,2b-i. Although th© country oula pay its way out of revenue during his year owing to £3.000,000 brought onvard last year, there would really ba . <i one it of £2.633,716. % The position ras very unsatisfactory, and a policy f self-denial was required. -ction was necessary to curtail ure. War expenditure from loag .mounted to £80.000,000 yearly. Kotflg u circulation amounted to igainst which £10,139,482 was hold i 4 ;old. The war expenditure for 1916* .917, not including interest and sinking und on war pensions which were charge :d to revenue, was estimated at £78,782,304. Tho public debt, of th<j /'onitiuaiwealth was uow £159,058,758.